Advertisement
Advertisement

Technical Overview of EURUSD, USDJPY, AUDUSD & USDCAD: 08.05.2018

By:
Anil Panchal
Updated: May 8, 2018, 12:26 UTC

EUR/USD Although break of 200-day SMA opens the door for the EURUSD's plunge towards 1.1690-80 horizontal-region, a D1 close below intermediate ascending

Chart Color

EUR/USD

Although break of 200-day SMA opens the door for the EURUSD’s plunge towards 1.1690-80 horizontal-region, a D1 close below intermediate ascending trend-line, at 1.1890 now, seems presently necessary for the pair to extend its south-run. Should the quote declines below 1.1890, the 1.1800 and the 1.1730 can act as buffers prior to highlighting the 1.1690-80 support-zone. In case if the quote fails to provide a daily closing beneath the 1.1890, chances of its pullback to 1.1940 and to the 1.2020, comprising 200-day SMA, can’t be denied. Moreover, pair’s ability to surpass 1.2020 could help it confront the 1.2090 and the 1.2150-60 resistance-area.

USD/JPY

With more than six-week old ascending trend-line restricting the USDJPY’s downturn, the pair continue signaling its rise towards 109.20 & 109.55 nearby resistances, breaking which 109.80 & 110.00 can appear in the Bulls’ radars to target. Given the pair’s sustained trading beyond 110.00, it becomes capable enough to aim for 61.8% FE level of 110.60. Alternatively, a dip below 108.85 TL can drag the pair to 108.50 whereas the 107.70, the 107.45 and the 107.30 can entertain the sellers then after. During the pair’s additional weakness below 107.30, the 106.90 & 106.60 may mark their presence on the chart.

AUD/USD

Failure to handle its bounce off the 0.7500-0.7495 fetched AUDUSD below the same zone for one more time and is currently pointing to the pair’s further drop to 0.7440 and 0.7400 supports. Though, 0.7370-65 could disappoint the pessimists, if not then 0.7325 & 0.7300 are likely numbers to watch for traders. Meanwhile, a D1 close beyond 0.7500 can again pull the pair back to 0.7550 & 0.7600 with 0.7640-45 expected to limit following upside. Should the quote clears 0.7645 barrier, the 50-day SMA level of 0.7695 may gain buyers’ attention.

USD/CAD

While break of 1.2940-50 favors the USDCAD’s rise to 1.3000-1.3005, its further advances might have to ignore the overbought RSI, else the pair’s pullback to 1.2970 and to the 1.2950-40 seem imminent. Given the profit-booking runs longer beneath the 1.2940, the 1.2910, the 1.2880 and the 1.2835 can please the sellers ahead of offering them the 1.2805-1.2800 support-area. On the contrary, pair’s ability to conquer the 1.3005 could help it target the 1.3050, the 1.3085 and the 1.3125 resistances. Also, pair’s successful trade above 1.3125 might not hesitate meeting the 1.3185 & 1.3210 north-side figures.

Cheers and Safe Trading,
Anil Panchal

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

Did you find this article useful?

Advertisement